Regency Centers is a real estate investment trust that acquires, develops, and operates retail properties in supply-constrained, densely populated markets with high household incomes and strong barriers to entry. The company generates revenue primarily through tenant rents and operating expense recharges on its directly-owned REIT portfolio, and supplements this through its Investment Management platform, which earns fee income and promote distributions from co-investment ventures it manages. Regency targets high-quality retail properties in competitive markets and must maintain REIT status by distributing at least 90 percent of taxable income annually to shareholders, a requirement that constrains its operating flexibility.